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CVPS and GMP file merger petition with Public Service Board

first_imgGreen Mountain Power Corporation (GMP) and Central Vermont Public Service (CVPS) today filed a petition with the Vermont Public Service Board (PSB) for the planned acquisition of CVPS by Gaz Métro Limited Partnership (Gaz Métro) and the merger of GMP and CVPS into one, stronger utility. Gaz Métro, GMP and CVPS announced in July the acquisition and the agreement to merge that provides significant benefits for customers, community, employees and shareholders, including a commitment to $144 million in customer savings over 10 years, a public ownership interest in VELCO, and the establishment of the Headquarters for Operations and Energy Innovation in Rutland.”Today’s filing with the PSB represents an important step in the process of combining two great Vermont companies,” said Mary Powell, President and CEO of GMP and Larry Reilly, President and CEO of CVPS. “CVPS and GMP have a long history of bringing affordable, clean and reliable power to our customers. This combination is a unique opportunity that will allow us to deliver lower rates and higher quality service than if the companies continued to operate as stand-alone entities — while maintaining the strong local bonds that set Vermont utilities apart.”The combination of CVPS and GMP will produce $144 million in customer savings over the next decade. The merger will generate permanent cost reductions and customer savings will grow to as much as $500 million over a twenty-year period. Due to the commitment to no layoffs, as well as the complexity of the integration, the full realization of annualized savings will take six years to achieve. During that time, the new combined company would share in anticipated savings while ensuring that customers receive $144 million of cumulative benefit over the first 10 years.The agreement also includes other benefits in addition to customer savings. The new combined company will transfer 33% of the voting shares in VELCO, Vermont’s transmission utility, to a new public benefit entity, which will diminish the new combined company’s voting control of VELCO to less than 50%. The new public entity will provide $1 million annually — largely generated by dividend from the VELCO stock — to support a low-income rate program.The Rutland region will remain part of the new utility’s corporate identity, with the merged company locating its Headquarters for Operations and Energy Innovation in Rutland. There will be no layoffs, other than some executive officer positions due to the consolidation, nor mandatory relocation of employees. Additional benefits for the Rutland region include the establishment of a new downtown facility, $200,000 for regional economic development and support for the downtown, and new “Solar City” program in Rutland. Finally, the new, combined entity will build on CVPS’s extensive community support efforts that are already underway.The combined utility will also deliver even better service to customers in a number of ways. For example, a more contiguous service area will aid in storm recovery as resources can be deployed more uniformly than is possible today and crews from the separate utilities will no longer have to travel across the other company’s service territory to work in a district.The PSB will establish a schedule for the regulatory proceedings. The full petition can be downloaded at http://www.greenmountainpower.com/about/gmpcvpsmerger.html(link is external).This press release is for informational purposes only. Statements that are not historical facts are forward-looking and involve risks and uncertainties that could cause actual outcomes or results to materially differ from those expressed in this release. Readers are cautioned not to place undue reliance on these forward-looking statements and such statements speak only as of the date of this release. MONTPELIER, VT–(Marketwire – September 02, 2011)last_img read more

BLOG: Fighting for a Historic Commitment to Schools That Teach

first_img Schools That Teach,  The Blog,  Videos,  Year in Review Throughout Governor Wolf’s first year, he has fought to increase funding for our schools to reverse the devastating $1 billion in cuts made to schools five years ago that led to larger class sizes, soaring property taxes, educator layoffs and the elimination or reduction of vital programs. Governor Wolf knows we must make investments to adequately and fairly fund our education system in order to lay the foundation for long-term economic growth in Pennsylvania.Watch Governor Wolf talk about Schools That Teach in 2015.Before he was ever sworn in, Governor Wolf and members of his cabinet launched the Schools That Teach Tour, personally visiting more than 70 schools across the commonwealth and seeing firsthand the damaging effects of what happens when the state moves funding education to the back burner, while hearing how districts plan to ensure the restored funding reaches the classroom directly.The funding increase Governor Wolf is fighting for will benefit each of the 500 school districts in the commonwealth. Not only that, but the investment will reach the classroom directly — we know this because we asked each superintendent to submit plans for how they plan to allocate the money. Their responses were overwhelming — everything from expanding pre-k, to reducing elementary class sizes, to restoration of vital art, music, library and summer school programs, to college and career counseling. These are all valuable ways to ensure our children are getting the high-quality education they deserve, regardless of zip code.Our investment will open up thousands of new slots for families to enroll their 3- and 4-year olds in quality early childhood programs like Pre-K Counts and Head Start — and it will provide for an increase to all state and state-related universities, as well as to Pennsylvania’s 14 community colleges.But Republicans in the legislature continue to protect the status quo and refuse to support a compromise budget that will invest in education and begins to restore the cuts made to our schools.In addition to fighting for a better investment in education, the Wolf Administration has also worked collaboratively with lawmakers and outside stakeholders to improve the state of Pennsylvania’s schools. Those actions include:The creation of an amended recovery plan for the struggling Chester Upland School District, which eliminates the district’s annual structural deficit by modifying the special education tuition rate and securing a permanent increase to the district’s basic education funding base, eliminates the district’s negative fund balance, and plans and funds capital improvements to district schoolsThe naming of new chief recovery officers for both the York City School District and the Harrisburg School DistrictFollowing a statewide drop in standardized test scores due to a new, more rigorous PSSA assessment, the implementation of a federally-approved one-year “pause” in using those scores for a School Performance Profile (SPP) As Governor Wolf has said from the very beginning, Pennsylvania’s economy will never get stronger unless we stop making our schools weaker. Governor Wolf will continue to fight to fix our schools and improve education in Pennsylvania. BLOG: Fighting for a Historic Commitment to Schools That Teach SHARE Email Facebook Twitter January 18, 2016 See all of our Year in Review blog posts.Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolf By: Megan Healey, Deputy Press Secretary last_img read more